The following are clips from an article received 6/3/10
#1 Lenders will file a tidal wave of lawsuits against homeowners in the next few years as a way to recoup losses when home sales or foreclosure auctions don’t result in enough money to pay the mortgages in full, real estate and legal analysts say.
#2 banks have five years from the date of the sale to file for so-called deficiency judgments and up to 20 years to collect
#3 those most in danger of getting slapped with lawsuits include angry homeowners who ransack properties they’re losing in foreclosure and borrowers who walk away
#4 when homeowners seeking short sales demonstrate legitimate hardship, “we provide a full release of liability, and we do not pursue deficiency judgments.”
#5 Homeowners who hand their properties back to the bank through so-called deeds in lieu of foreclosure also should make sure they won’t be on the hook for any mortgage debt
from: http://www.floridarealtors.org/NewsAndEvents/
In short, if you are in a position that you feel it may be wise to talk to a professional about your options, you should seek the advice of a real estate attorney as well as a full time real estate agent that is experienced in todays market. Taking the first step and investigating your options is the best move you can make.
If you are not familiar with a great real estate attorney, give me a call and I will be happy to recommend one or two. If you would like to speak to a real estate agent who has experience with short sales, then give me a call.
Brady Pevehouse
(407) 374-3123
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